As we see the Internet is excellent for collaboration and communication, but it has significant flaws in terms of business activity and privacy.
Blockchain technology enables peer-to-peer payments without the need for a middleman such as a bank or government. The blockchain authenticates and maintains a persistent public ledger of all activities while keeping the user’s identity confidential.
This implies that your personal information is secure, and all activities are transparent and irrefutable, verified through collective collaboration, and coded on a digital ledger. Once established, you will no longer need to trust the other person in the traditional way, as trust is built into the system itself.
When it comes to the blockchain revolution, blockchain and NFT expert Gerry Sanchez argues that the technology is still in its early stages of implementation, which allows for a lot of innovation. In the coming years, the public will see many more new applications as people become more inventive and start “plugging” objects into the blockchain. “It’s a good time to be alive” quotes Gerry.
They believe that smart contracts, dapps and NFTs are just the beginning of blockchain applications and that the public can see two, three or even more generations of innovation in this area.
way to the future
Beyond the coin domain as initially envisioned, blockchain has evolved into a broader revolutionary backbone technology that adds value to businesses in many sectors. It is believed that this technology will prove to be a game-changer in the coming few years.
Asked what he thinks is the future of blockchain, Gerry says: “Blockchain has a ton of potential, and its decentralization can help a lot of industries. In the form of privacy, freedom and permanent record. Disruptions can occur at different levels, both in the public and private sectors.
Potential challenges with blockchain
With great potential comes great responsibility, and we simply cannot ignore the challenges that come with these technologies. The most important challenge is scalability, as current transaction processing rates vary greatly depending on a variety of factors.
The performance and scalability of blockchain networks will be a major focus point in the near future. Despite ongoing efforts to create new models and solutions to improve safety, security will continue to be a major concern, as it has been with other similar inventions.
road to better
“Blockchain still has a lot of flaws, but it has great potential for improvement. Cost of use, environmental, security, and usability concerns, speed of adoption… just to mention a few. However, seeing this It is inspiring how each community is pushing the envelope to try to solve its challenges. We are seeing this with major projects like Ethereum, Solana and many more.” Gerry says.
He also emphasized that we are still in the early stages, which means there is still time to develop and improve solutions.
This is an excellent time to think about new ways to use blockchain technology: decentralize an important process, revolutionize an old industry, create a great social project.
“It’s time to get our hands dirty and make mistakes because that’s how we learn new things. You don’t want to be the person who is too afraid of making mistakes. You want to be the person who takes full advantage of the technologies that are available Pick up.” he adds.
Published on February 26, 2022